Japan Exchange Group Inc (JP:8697)
:8697
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Japan Exchange Group
(8697)
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Rating:74Outperform
Price Target:
¥1,957.00
▲(10.94% Upside)
Action:Reiterated
Date:04/29/26
The score is driven primarily by strong financial performance (high profitability, low leverage, and solid cash generation). It is moderated by weaker near-term technical momentum (negative MACD, sub-50 RSI, very low stochastic), while valuation is supported by a moderate P/E and a ~3.1% dividend yield.
Positive Factors
High ROE & Profitability
JPX's consistently high ROE (mid-to-high teens) and strong operating profitability reflect efficient use of capital and durable earnings power. For an exchange operator, this supports reinvestment in infrastructure, steady returns to shareholders, and long-term competitive positioning across market cycles.
Negative Factors
Revenue/Cash Flow Variability
JPX exhibits multi-year variability in revenue and free cash flow, including dips in certain years. This cyclicality complicates multi-quarter forecasting and can constrain discretionary spending or payouts when activity weakens, making near-term earnings less predictable despite strong long-term fundamentals.
Read all positive and negative factors
Positive Factors
Negative Factors
High ROE & Profitability
JPX's consistently high ROE (mid-to-high teens) and strong operating profitability reflect efficient use of capital and durable earnings power. For an exchange operator, this supports reinvestment in infrastructure, steady returns to shareholders, and long-term competitive positioning across market cycles.
Read all positive factors
Japan Exchange Group (8697) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥2.12T
Dividend Yield3.2%
Average Volume (3M)4.05M
Price to Earnings (P/E)27.5
Beta (1Y)1.00
Revenue Growth21.24%
EPS Growth30.85%
CountryJP
Employees1,249
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)59.99
Shares Outstanding1,031,785,300
10 Day Avg. Volume3,798,630
30 Day Avg. Volume4,050,496
Financial Highlights & Ratios
PEG Ratio0.76
Price to Book (P/B)5.39
Price to Sales (P/S)9.35
P/FCF Ratio17.43
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥1,882.00Price Target Upside6.69% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)88.6
Revenue Forecast (FY)¥221.62B
Japan Exchange Group Business Overview & Revenue Model
Company Description
The Japan Exchange Group, Inc. (JPX) manages and operates the core markets for exchange-traded financial instruments throughout Japan. It provides the essential infrastructure for trading a diverse array of financial products, including equities, ...
How the Company Makes Money
JPX generates revenue mainly by operating exchange and related market infrastructure services and charging fees tied to activity and usage across its platforms. Key revenue streams include: (1) Trading-related fees: JPX earns transaction fees and ...
Japan Exchange Group Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 167.42B | 199.05B | 164.17B | 157.80B | 134.50B | 135.64B |
| Gross Profit | 135.10B | 142.55B | 133.33B | 86.02B | 66.93B | 72.41B |
| EBITDA | 109.29B | 135.25B | 107.45B | 105.81B | 87.27B | 91.06B |
| Net Income | 62.35B | 79.14B | 61.09B | 60.82B | 46.34B | 49.95B |
Balance Sheet | ||||||
| Total Assets | 72.35T | 71.60T | 85.40T | 80.68T | 82.19T | 71.46T |
| Cash, Cash Equivalents and Short-Term Investments | 61.84B | 110.47B | 98.43B | 128.02B | 211.21B | 211.35B |
| Total Debt | 52.49B | 52.49B | 52.49B | 52.48B | 52.97B | 52.47B |
| Total Liabilities | 72.02T | 71.24T | 85.05T | 80.34T | 81.87T | 71.14T |
| Stockholders Equity | 313.08B | 345.01B | 340.82B | 328.36B | 312.73B | 315.65B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 106.78B | 84.42B | 63.97B | 55.58B | 43.26B |
| Operating Cash Flow | 0.00 | 107.75B | 86.14B | 79.57B | 66.88B | 58.19B |
| Investing Cash Flow | 0.00 | -15.24B | -61.22B | -7.17B | -8.52B | -13.30B |
| Financing Cash Flow | 0.00 | -80.48B | -54.50B | -43.20B | -52.90B | -59.75B |
Japan Exchange Group Technical Analysis
Positive
1764.00
Price Trends
1909.33
Positive
1859.94
Positive
1755.02
Positive
Market Momentum
51.23
Negative
59.78
Neutral
70.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8697, the sentiment is Positive. The current price of 1764 is below the 20-day moving average (MA) of 1957.10, below the 50-day MA of 1909.33, and above the 200-day MA of 1755.02, indicating a bullish trend. The MACD of 51.23 indicates Negative momentum. The RSI at 59.78 is Neutral, neither overbought nor oversold. The STOCH value of 70.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8697.
Japan Exchange Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥2.12T | 27.47 | 18.91% | 3.20% | 21.24% | 30.85% | |
72 Outperform | ¥1.85T | 4.29 | 20.02% | 2.63% | 31.37% | 148.24% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | ¥2.08T | 12.32 | 9.37% | 4.13% | 6.95% | 15.03% | |
65 Neutral | ¥243.17B | 15.72 | 14.00% | 5.13% | 34.33% | 47.34% | |
60 Neutral | ¥182.12B | 17.57 | 6.77% | 3.66% | 83.65% | 4.34% | |
56 Neutral | ¥157.55B | 14.63 | 7.26% | 4.16% | 46.50% | ― |
* Financial Sector Average
JP:8697
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Japan Exchange Group Corporate Events
Japan Exchange Group Corrects Director Candidate’s Career History in Governance Disclosure
Apr 28, 2026
Japan Exchange Group has issued a correction to its previously announced list of candidates for directors, amending the career history of nominee Satoko Kuwabara. The updated curriculum vitae refines her roles at Nippon Yusen Kabushiki Kaisha, add...
Japan Exchange Group Refreshes Board and Governance Lineup Across Market Units
Apr 28, 2026
Japan Exchange Group has announced a slate of board and governance changes across the group, with new and retiring directors and governors to be confirmed at shareholder and member meetings scheduled for June 19, 2026. At the parent company, outsi...
Japan Exchange Group Launches ¥20 Billion Share Buyback to Boost Shareholder Returns
Apr 28, 2026
Japan Exchange Group will repurchase up to 40 million of its common shares, equivalent to 3.9% of its issued shares excluding treasury stock, as part of a capital policy outlined in its Medium-Term Management Plan 2027. The buyback, capped at ...
Japan Exchange Group Updates Medium-Term Plan and Sets 2030 Global Vision
Apr 28, 2026
Japan Exchange Group has updated its Medium-Term Management Plan 2027 for fiscal 2026, positioning itself as a driver of sustainable market development that supports an affluent society. The plan emphasizes enhancing market reliability, public vis...
Japan Exchange Group Posts Strong FY2025 Earnings Growth
Apr 28, 2026
Japan Exchange Group, Inc., a leading operator of Japan’s securities and derivatives markets, reported strong financial results for the fiscal year 2025, underlining the importance of its trading and market infrastructure services to global ...
Japan Exchange Group Lifts Profit and Dividend as Earnings Peak
Apr 28, 2026
Japan Exchange Group reported strong earnings for the year ended March 31, 2026, with operating revenue up 22.5% to ¥198.7 billion and net income attributable to owners rising 29.5% to ¥79.1 billion, reflecting higher profitability and a...
Japan Exchange Group Lifts Earnings and Dividend Forecasts on Stronger Market Activity
Mar 25, 2026
Japan Exchange Group revised its full-year earnings outlook for the fiscal year ending March 31, 2026, projecting a 12.5% rise in operating revenue to ¥198 billion and a roughly 21% increase in net income attributable to owners of the parent ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.